Front Page settings aren't available - how weird is that?

This is so weird. I just set up a multisite... in the subsite, I went to the Administration > Settings > Reading panel. I would like to change my home page to a static page instead of latest post. But that section is missing on the reading settings panel!

Any idea why I can't see this section? I have no way of changing my home page (or even posts page, for that matter).